Commercial Units
Development Loan
Canterbury
Project details
Loan type
Development
Property type
Self-contained commercial units including carparks, suitable for use by SME’s for general business, warehousing, showrooms
Loan size
$3-5m
Term
9 months
Loan to Value Ratio
58%
Pre-Sale Ratio
36%
Property size
12 units ranging in size from 87sqm to 249 sqm
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Enabling smooth funding transitions to keep projects on track
Killarney Capital was waiting in the wings when the incumbent funder of this smartly designed set of commercial units got the jitters.
With the development already most of the way through, it was a matter of getting quickly up to speed with progress to date and backing our vastly experienced client to get the job done and settle the pre-sales. The project was such a success that by the time it had been completed, sufficient sales had been achieved to repay our funding in full.
Where others may have looked for reasons why the development was being refinanced part-way through, we just saw it for what it was – a sound project with a high likelihood of a successful outcome for all involved.